Saudi Aramco Plans Listing in London, Hong Kong and New York

Saudi Aramco Plans Listing in London, Hong Kong and New York

Saudi Aramco is planning a three way listing in London, Hong Kong and New York. The IPO is being handled by JP Morgan and Michael Klein, a former Citigroup investment banking chief. According to reports, authorities in the Middle Eastern country are hoping to attract oil giants such as ExxonMobil, China’s Sinopec, and BP into buying a strategic stake in Aramco.

“According to reports, authorities in the Middle Eastern country are hoping to attract oil giants such as ExxonMobil, China’s Sinopec, and BP into buying a strategic stake in Aramco.”

~ The Telegraph

Prince Mohammad bin Salman, Saudi Arabia’s deputy crown prince and de facto ruler says Aramco will sell 5% of its equity, valuing the shares at 100 – 150 billion. This IPO is the part of his “2030 Vision” and proceeds would be used for an investment spree covering everything from car plants to weapons production, petrochemicals and tourism

Saudi Aramco is the state-owned oil company of the Kingdom of Saudi Arabia and a fully integrated, global petroleum and chemicals enterprise. Over the past 80 years we have become a world leader in hydrocarbons exploration, production, refining, distribution, shipping and marketing, and the world’s top exporter of crude oil and natural gas liquids (NGLs).

Saudi Aramco’s oil and gas production infrastructure leads the industry in scale of production, operational reliability, and technical advances. Our plants and the people who run them make us the world’s largest crude oil exporter, producing roughly one in every eight barrels of the world’s oil supply. We maintain the world’s largest spare crude oil production capacity, ready to stabilize the global oil market in times of disruption.